Source: National Corn Growers Association news release
As Congress prepares for the next steps in the budget reconciliation legislative process, corn grower leaders are highlighting federal tax priorities for the legislation. The National Corn Growers Association (NCGA) is calling on farmers from across the country to contact their policymakers to voice support for several key tax provisions.
“Congress will soon act on important provisions in the federal tax code that must be extended this year,” said Illinois farmer and National Corn Growers Association President Kenneth Hartman Jr. “We are working closely with our agriculture and small business allies in Washington to advance our tax priorities, but these policymakers also need to hear from corn farmers they represent.”
As committee legislative markups are on the horizon, NCGA is working to advance the following tax priorities:
Extending key provisions from the Tax Cuts and Jobs Act of 2017, including the expanded estate and gift tax exemptions, the qualified business income deduction, and renewing the 100% bonus depreciation. NCGA is also working to protect the stepped-up-basis tax provision, which protects family farms that are transferred from generation to generation.
Supporting tax incentives that boost domestic production and use of biobased products using American feedstocks. NCGA is working with stakeholders to formulate a potential tax credit that would help move renewable chemical and material technologies from research to commercialization.
Ensuring the sustainable aviation fuel tax credit, referred to as 45Z, will increase domestic demand for corn by helping the biofuels industry make inroads into the aviation sector. Extending the tax credit would help create high-paying jobs and boost farm income across the country.
The budget reconciliation process is a vehicle for expediting legislation on budget issues. If leaders in the Senate and House are in agreement about the budget provisions in the process, the legislation only requires 51 votes in the upper chamber and is veto-proof.
Farmers interested in contacting Congress about these priorities are encouraged to visit the Action section of the NCGA website. For more information on these priorities, visit NCGA’s tax priorities section of the website.
